Wednesday, November 16, 2011

A Closer Look at Baby Boomers and the North Shore Real Estate Market

As a Chicago North Shore Real Estate agent, I enjoy keeping up on current real estate trends as it helps me stay in tune with what’s going on in my field! A recent survey was conducted by Coldwell Banker which polled their real estate agents on what they’re seeing in the day in day out market. It may come as a surprise, but the focus of the current real estate market does not lie with first time home buyers.

We often think that those who are purchasing a home for the first time are helping to drive the market because they’re entering the playing field and therefore expanding the numbers of those buying. Yet, the truth is that Baby Boomers are really responsible for much of where the market is going!

The range of ages 47-64 make up this group that’s 79 million strong who are actively buying and selling in today’s market. Although the younger boomers (47-55) and the older boomers (56-64) are buying and selling for various reasons, this generation plays a large role in where the market is headed.

Below are some of the key statistics gathered from the Coldwell Banker Survey that polled 1,300 Coldwell Banker Real Estate agents.

Not surprisingly, 87% of 1,300 agents and brokers polled agree that the economy is delaying baby boomers’ plans to sell their homes.

However, the desire to own one or more homes in this generation remains strong. 87% of the respondents have boomer-aged clients who already own or are looking to own and investment property.

80% of respondents said that older boomers (age 56-64) are more likely to want to downsize than younger boomers, but it’s not all about money: 49% said the primary reason boomers in general are downsizing is for a simpler lifestyle.

More than one-third (34 percent) of agents say younger baby boomers (ages 47-55) are interested in purchasing a second home, and 31% of respondents say they are working with younger boomers who are selling and looking for a larger home.

If you’re a baby boomer who is leery of buying or selling in today’s market; you’re not alone! However, now is actually a great time to buy and sell due to low mortgage rates and an increase in interested buyers.

Whether you’re desiring to downsize to simplify your life or are looking for an opportunity to buy up, your North Shore Real Estate agent can help! If you have any questions regarding the North Shore Real Estate market or would like to talk about your real estate needs; please feel free to contact me anytime!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

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